The jackpot for the Powerball draw on Sat May 11, 2024, is projected to be $36 Million, with an option for a cash payout of $16.8 Million. Should you be the lucky winner of the Powerball jackpot, anticipate the IRS to initially withhold 24% of your winnings for taxes, and be prepared that you might need to pay up to an additional 13% in federal taxes at tax time. For New York residents, the state will deduct 8.82% from your lottery earnings.
| New York Powerball Jackpot/Cash Option for Sat May 11, 2024 |
|---|
| Draw Date | Sat May 11, 2024 | | Projected Jackpot | $36,000,000 | | Cash Value | $16,800,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $16,800,000 | | Federal Tax(24%) | $4,032,000 | | Additional Federal Tax | $2,144,330 | | State Tax(8.82%) | $1,481,760 | | Net Lumpsum Payment | $9,141,910 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$541,836 |
$160,810
$47,790 |
$333,236 |
| 2 |
$568,944 |
$170,840
$50,181 |
$347,923 |
| 3 |
$597,384 |
$181,362
$52,689 |
$363,333 |
| 4 |
$627,264 |
$192,418
$55,325 |
$379,521 |
| 5 |
$658,620 |
$204,020
$58,090 |
$396,510 |
| 6 |
$691,560 |
$216,208
$60,996 |
$414,356 |
| 7 |
$726,120 |
$228,995
$64,044 |
$433,081 |
| 8 |
$762,444 |
$242,435
$67,248 |
$452,761 |
| 9 |
$800,568 |
$256,541
$70,610 |
$473,417 |
| 10 |
$840,600 |
$271,352
$74,141 |
$495,107 |
| 11 |
$882,612 |
$286,897
$77,846 |
$517,869 |
| 12 |
$926,748 |
$303,227
$81,739 |
$541,782 |
| 13 |
$973,080 |
$320,370
$85,826 |
$566,884 |
| 14 |
$1,021,752 |
$338,379
$90,119 |
$593,254 |
| 15 |
$1,072,836 |
$357,280
$94,624 |
$620,932 |
| 16 |
$1,126,476 |
$377,127
$99,355 |
$649,994 |
| 17 |
$1,182,780 |
$397,959
$104,321 |
$680,500 |
| 18 |
$1,241,928 |
$419,844
$109,538 |
$712,546 |
| 19 |
$1,304,028 |
$442,821
$115,015 |
$746,192 |
| 20 |
$1,369,224 |
$466,943
$120,766 |
$781,515 |
| 21 |
$1,437,696 |
$492,278
$126,805 |
$818,613 |
| 22 |
$1,509,588 |
$518,878
$133,146 |
$857,564 |
| 23 |
$1,585,044 |
$546,797
$139,801 |
$898,446 |
| 24 |
$1,664,316 |
$576,127
$146,793 |
$941,396 |
| 25 |
$1,747,512 |
$606,910
$154,131 |
$986,471 |
| 26 |
$1,834,920 |
$639,251
$161,840 |
$1,033,829 |
| 27 |
$1,926,648 |
$673,190
$169,930 |
$1,083,528 |
| 28 |
$2,022,984 |
$708,834
$178,427 |
$1,135,723 |
| 29 |
$2,124,144 |
$746,264
$187,350 |
$1,190,530 |
| 30 |
$2,230,344 |
$785,558
$196,716 |
$1,248,070 |
|
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